Stephen
Timms, Minister of State for Competitiveness, made a written
statement to Parliament today detailing changes to the Companies
Act Implementation timetable.
Timms said that the systems needed to implement the changes were
not ready yet. "We need to make sure the necessary changes to the
Companies House systems and processes are in place before we bring
the final provisions of the Act into force," he said. "We are
giving business early warning of this change in the implementation
timetable so they do not incur unnecessary costs".
The Department for Business, Enterprise and Regulatory Reform
(BERR) said that it would consult with business to see whether some
provisions of the Act can still come into force in October next
year.
Those parts of the Act which were due to come into force in
April of next year will still do so, said BERR.
Amongst the elements that have been delayed are requirements
relating to company formation and a company's internal
constitution; directors' residential addresses; company and
business names; and a company's share capital.
The elements which come into force next April include a
separate, comprehensive "code" of accounting and reporting
requirements for small companies and abolition of the requirement
for private companies to have a company secretary.
Timms published an amended timetable for implementation, and
said that a further timetable would be published in December.
